IP Assignment by Shareholder Sample Clauses

IP Assignment by Shareholder. Shareholder irrevocably assigns to Seller, the exclusive ownership of all right, title, and interest in and to the Web Sites and the Applications, and all intellectual property rights therein. This assignment in this Section 1.5 is effective at 12:00 a.m. on the Closing Date, with the effect that any ownership of Shareholder in the Web Sites, the Applications, and the Intellectual Property is assigned to Seller immediately prior to the transfer of the Purchased Assets to Purchaser.